Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,944,711) $ (4,156,830)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Issuance and amortization of common stock and warrants for services 1,045,610 197,247
(Gain) loss on settlements, net (14,200)
Foreign currency transaction loss (gain) 2,053,010 488,813
Depreciation expense 1,859 1,661
Amortization of debt discounts 537,868 363,420
Change in fair value of derivative liabilities (298,374) 1,914,980
Gain on extinguishment of debt (81,011) (1,296,376)
Gain on extinguishment of debt (81,011) (1,204,242)
Stock option and restricted stock expense 225,312
Non-cash interest expense 3,000
Accretion of put premium 836,724 767,000
Changes in Assets and Liabilities:    
GST receivable 192 1,652
Prepaid expenses and other assets 82,211 (130,851)
Accounts payable 207,071 (245,642)
Deferred rent 2,379
Employee benefit liability 23,205 185,510
Accrued expenses (167,074) (16,792)
Accrued interest 122,798 146,603
NET CASH USED IN OPERATING ACTIVITIES (1,349,931) (1,793,805)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (2,874)
NET CASH USED IN INVESTING ACTIVITIES (2,874)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible promissory notes, net of original issue discounts and issue costs 1,465,250 1,175,150
Repayments of convertible promissory notes (272,000)
Proceeds from the issuance of common stock 1,031,979
Fees associated with offering costs (15,000)
Proceeds from the exercise of warrants 30
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,465,250 1,920,159
Effect of exchange rate changes on cash (90,756) (36,191)
NET INCREASE IN CASH 24,563 87,289
CASH AT BEGINNING OF PERIOD 2,394 19,921
CASH AT END OF PERIOD 26,957 107,210
Supplemental Disclosure of Cash Flow Information    
Interest 6,337 100,719
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Reduction of put premium related to conversions of convertible notes 383,186 1,670,003
Conversion of convertible notes and accrued interest to common stock 922,754 3,091,749
Discounts related to warrants issued with convertible notes 375,905
Deferred financing costs associated with equity purchase agreement 318,059
Discounts related to derivative liability 227,000 50,000
Issue and amortization of common stock and warrants for services 1,024,610
Operating lease right-of-use asset and operating lease liability recorded on adoption of ASC 842 $ 46,696